Who oversees respa - Study guides, Class notes & Summaries

Indiana Real Estate License Law Questions and Answers 100% Pass Client A licensee has an agency relationship with, and is representing, the individual with whom the licensee is working. Customer One with whom there is NO agency relationship. Ex People just calling for information or attending open house. Broker-salesperson or Associate Broker A broker who COULD operate as a principle broker but CHOOSES to affiliate with a principal broker and operate under their license. In-House Agency Indiv...

Client - Answer A licensee has an agency relationship with, and is representing, the individual with whom the licensee is working. Customer - Answer One with whom there is NO agency relationship. Ex People just calling for information or attending open house. Broker-salesperson or Associate Broker - Answer A broker who COULD operate as a principle broker but CHOOSES to affiliate with a principal broker and operate under their license. In-House Agency - Answer Individual agents represent...

When ordering an appraisal, it is illegal to... - ANSWER-Request that the appraiser return a minimum or specific value. Mortgage professionals are permitted to communicate their own or the borrower's opinion when ordering an appraisal; however, requesting a specific or minimum value is considered improper influence of an appraiser and is a serious ethical and legal violation. Borrower credit is... - ANSWER-An amount paid by the lender to borrower for locking an interest rate at a rate higher...

A property owner has decided to do some landscaping work on his yard. He has planted a tree surrounded by some flowering shrubs. The tree and shrubs are an example of... - ANSWER-improvements A property owner has a waterfront lot on a stream. He has the right to use the water from the stream. What is this right called? - ANSWER-riparian A tenant is aware that his lease will expire at the end of the month. He has begun to disassemble his display cabinets and shelves. Which of the following ...

Ohio Real Estate Exam Questions and answers. 100% proven pass rate, Graded A+ Document Content and Description Below Ohio Real Estate Exam Questions and answers. 100% proven pass rate, Graded A+ Which would a buyer prefer: Land installment contract or purchase money mortgage? - purchase money mortgage - the buyer will receive the deed to the property on the day of closing. -A purchase money mortgage does not transfer any title to the buyer; rather, it is a method by which the seller finances t...

The maximum commission a broker may charge for the sale of residential property is: (a) set forth in the Real Estate Law. (b) determined by the broker's contract with his principal. (c) six percent of the total sales price of a residence. (d) determined by local custom. - ANSWER-B There is currently no law which controls what amount may be charged by the broker. Therefore, it is set by agreement between the parties. The Statute of Frauds, outlines what contracts must be in writing t...

National Real Estate TEST QUIZ 1&2 (Answered) Graded A+ A property owner has decided to do some landscaping work on his yard. He has planted a tree surrounded by some flowering shrubs. The tree and shrubs are an example of... *ANS* improvements A property owner has a waterfront lot on a stream. He has the right to use the water from the stream. What is this right called? *ANS* riparian A tenant is aware that his lease will expire at the end of the month. He has begun to disassemble hi...

Within how many days after property transfer shall a buyer submit a completed transfer form and file with ADEQ - Answer 15 days An example of involuntary alienation is where title to real estate passes by: - Answer Sheriff's deed What event will create an involuntary life estate? - Answer Dower interest becoming cohate A valid warranty deed must contain all of the following elements, except: - Answer Signed by grantee The clause in a deed which sets forth or limits the extent of the...

WHAT AGENCY ISSUES REAL ESTATE LICENSES? - ANSWER-NYS DOS, DIVISION OF LICENSING AT WHAT AGE CAN YOU BECOME A REAL ESTATE SALESPERSON? - ANSWER-18 DO YOU NEED EXPERIENCE IN THE FIELD TO BECOME A SALESPERSON? - ANSWER-NO WHAT IS THE MINIMUM AGE TO BECOME A REAL ESATE BROKER? - ANSWER-20 DO YOU NEED EXPERIENCE IN THE FIELD TO BECOME A BROKER? - ANSWER-YES; 3500 POINTS (35 HOURS IN 100 WEEKS) IF YOUR LICENSE IS REVOKED, HOW LONG DO YOU HAVE TO WAIT TO RE-APPLY FOR IT? - ANSWER-1 YEAR...

CFPB Consumer Financial Protection Bureau What does the CFPB do? Regulates RESPA, TILA, ECOA, and HMDA FTC Federal Trade Commission What does the FTC do? Monitors Red Flag Rules RESPA Real Estate Settlement Procedures Act What does RESPA do? •Protects homeowners of Single, 1-4 family dwellings, condos, & homes manufactured on lot. •Educates borrowers costs of loan • Eliminates kickbacks and referral fees (section 8) • Establishes rules for escrow What Regulation is RESPA? Reg X...